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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
November/December 2021
Beneficiaries: Still the Ones?
Beneficiary designations name the person or persons who will receive the life insurance or retirement account proceeds upon your death.
Life events, such as divorce, remarriage, deaths, or births can all trigger the need to change beneficiary designations. Why? Beneficiary designations supersede any instructions in your will. If you fail to change a beneficiary, the original beneficiary you designated will receive the proceeds — even if you’ve named someone else in your will to inherit the account.
New Faces
As time goes on, you may want to name grandchildren as contingent beneficiaries. Contingent beneficiaries will receive the account proceeds if the primary beneficiary dies with you or before you. Alternatively, you might want to support a charity using life insurance proceeds.Avoid Unintended Consequences
Let’s say your children are equal beneficiaries of your account, but what if one of your children dies before you? Under per capita distribution, your remaining children will share the account proceeds, potentially leaving the deceased child’s own children (your grandchildren) with nothing. By specifying per stirpes distribution instead, a deceased child’s share will go to his or her children.CONTACT US
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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